数字金融、家庭收入与家庭风险金融资产投资

Digital Finance, Household Income and Household Risk Financial Asset Investment

通过考察数字金融对中国家庭风险金融资产投资行为的影响,发现数字金融及其覆盖广度、使用深度和数字支持服务程度不仅会促进更多居民进行风险金融资产的投资,而且会提升已进行风险金融资产投资家庭的投资比重。进一步的异质性分析表明数字金融对家庭风险金融资产投资行为的影响效应主要存在于城市家庭、高收入家庭以及东部地区家庭。中介效应分析表明数字金融可以通过提高家庭收入刺激家庭参与风险金融资产投资。相关部门可以通过提高中西部地区数字金融覆盖面、鼓励金融机构进行数字金融创新、提升居民金融素养增加数字金融产品的使用、引导农村地区和低收入家庭适度参与风险金融资产投资,提升家庭财富水平。

By examining the impact of digital finance on the investment behavior of Chinese households in risky financial assets,the study finds that digital finance and its breadth of coverage, depth of use,and degree of digital support services not only promote more residents to invest in risky financial assets, but also increase the investment share of households that have already invested in risky financial assets.Further heterogeneity analysis shows that the effect of digital finance on households’ investment behavior in risky financial assets is mainly found in urban households,high-income households, and households in the eastern region. The intermediation effect analysis suggests that digital finance can stimulate households to engage in risky financial assets investment by increasing household income.Relevant authorities can improve the level of household wealth by increasing digital financial coverage in central and western regions,encouraging digital financial innovation by financial institutions,increasing the use of digital financial products by improving residents’ financial literacy,and guiding rural areas and low-income households to moderately participate in risky financial asset investments.